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The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
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Elon Musk’s sensational claim to have funding in place to take Tesla private stunned the US capital markets this week, but the lack of substantive detail to the plan has largely reversed an initial rally in the firm’s equity and debt instruments, as well as reportedly drawing the attention of the Securities Exchange Commission. Aidan Gregory and David Bell report. -
UK Prime Minister Theresa May may have rebuked her International trade secretary Liam Fox for his suggestion the chances of no-deal Brexit were now 60-40, but bookmakers Boyle Sports has exactly those odds for those who want to put any money on it. If that is the likely outcome now, what will it mean for the execution of bond deals?
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BMC Software was set to print $2bn of triple-C rated bonds this week, as it changes sponsor hands from Bain and Golden Gate to KKR. The new owner was also pushing for some of the loosest covenants in the market.
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Joint Stock Commercial Bank for Investment and Development of Vietnam has closed an offshore borrowing worth $150m. After the company deciding not to exercise a greenshoe option, lenders faced a large scale-back.
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Tsinghua University Science Park, or Tuspark, raised $350m from its bond sale on Wednesday, notably helped by 14 bookrunners.
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Bank of America Merrill Lynch Analysts in a note this week pointed to weakening in UK retail businesses as a pressure point for European CLOs, citing recent poor performance across such sectors as clothing and restaurants.
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